All Forum Posts by: Mike Terry

Done. Thank you for doing this.

This will be great.  I hope everyone can make it.

Thanks @carlHebert

@Stetson Miller No Stephen Cliff has a contractor on staff and a great crew of subs.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $50,000

55 and over condo. Not sure what I'm going to do with this once it's renovated. May flip it or hold it.

What made you interested in investing in this type of deal?

Brought to me a local realtor that I had networked with. Couldn't turn down the price.

How did you find this deal and how did you negotiate it?

Local realtor. paid asking price.

How did you finance this deal?

CASH from a solo 401k loan.

How did you add value to the deal?

new kitchen, new floors, new trim and doors, scrape popcorn ceiling and paint.

What was the outcome?

In Progress

Lessons learned? Challenges?

Network, Network, Network

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kavita Kandiwar, Century 21 Port Charlotte

Investment Info:

Single-family residence fix & flip investment in Cape Coral.

Purchase price: $127,000
Cash invested: $70,000
Sale price: $235,000

Contributors:
Cliff Terry

Partnered with @CliffTerry and his Stage 94Investments to find, buy, renovate and sell this run down former rental property. We stayed on budget and timeline. The best part it was 7 roofs away from my primary residence, so I'm was improving my own neighborhood. ROI was 14% and cash on cash return was 32% and annualized it was 98%. Excited about the opportunities this deal will open for us.

What made you interested in investing in this type of deal?

I walked by this dump every day. I was tired of looking at it.

How did you find this deal and how did you negotiate it?

I wrote a letter to the owner; they never responded, but the house showed up on MLS two weeks later. We made an offer and wasoutbid by another investor. After their inspection they backed out. I grabbed the inspection report from the realtor and got it under contract at 25k less than our original offer.

How did you finance this deal?

Hard Money construction loan. Fidus Fi

How did you add value to the deal?

New roof, new flooring throughout, removed popcorn ceilings, 2 new bathrooms, new kitchen, replumbed, new lighting, all new doors and trim and a ton of paint.

What was the outcome?

Under contract in 1 day. This is a market that there are few renovated homes. This one stood out.

Lessons learned? Challenges?

Contractor problems, small typical stuff, unreliable, not completely honest and forth coming. Had to rip part of a new shower out because he falsely reported the status of the plumbing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Fidus Fi and Jon Doss hardmoney lender, Peter Davis buying agent, Jennifer LaFlamme lisitng agent

Investment Info:

Single-family residence fix & flip investment in Cape Coral.

Purchase price: $127,000
Cash invested: $70,000
Sale price: $235,000

Contributors:
Cliff Terry

Partnered with @CliffTerry and his Stage 94Investments to find, buy, renovate and sell this run down former rental property. We stayed on budget and timeline. The best part it was 7 roofs away from my primary residence, so I'm was improving my own neighborhood. IT was first experience with hard money lending, negotiating as an investor, coordinating with multiple subcontractors. Very pleased with the result. ROI was 14% and cash on cash return was 32% and annualized it was 98%. Excited about the opportunities this deal will open for us.

What made you interested in investing in this type of deal?

I walked by this dump every day. I was tired of looking at it.

How did you find this deal and how did you negotiate it?

I wrote a letter to the owner; they never responded, but the house showed up on MLS two weeks later. We made an offer and wasoutbid by another investor. After their inspection they backed out. I grabbed the inspection report from the realtor and got it under contract at 25k less than our original offer.

How did you finance this deal?

Hard Money construction loan. Fidus Fi

How did you add value to the deal?

New roof, new flooring throughout, removed popcorn ceilings, 2 new bathrooms, new kitchen, replumbed, new lighting, all new doors and trim and a ton of paint.

What was the outcome?

Under contract in 1 day. This is a market that there are few renovated homes. This one stood out.

Lessons learned? Challenges?

Contractor problems, small typical stuff, unreliable, not completely honest and forth coming. Had to rip part of a new shower out because he falsely reported the status of the plumbing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Fidus Fi and Jon Doss hardmoney lender, Peter Davis buying agent, Jennifer LaFlamme lisitng agent

Excited to hear that @JScott will be visiting with us!!! That is stepping up a notch or 10.

Hi Ali,

You and I are in a similar boat.  I moved from Canada to USA in 1993.  It does not take long to establish credit.  get a credit card, get a car loan... easy credit to acquire.  PAy those bills on time and after 6 months or a year you will have credit history.  I work in recruiting too.  I have no problem with mortgages now. Good luck.

@Jordan Williamson I’ll be there.